Bank of Marin Bancorp $BMRC Shares Sold by Goldman Sachs Group Inc.

Key Points

• Goldman Sachs Group Inc. reduced its stake in Bank of Marin Bancorp by 22%, holding approximately 58,816 shares valued at $1.30 million as of the latest SEC filing.
• Multiple institutional investors, including CWM LLC and Charles Schwab Investment Management Inc., have adjusted their holdings in the bank, reflecting increasing interest, with institutional ownership at 52.26%.
• The company's stock price has a target increase from various analysts, with current ratings suggesting a Moderate Buy and an average target price of $26.25, despite missing earnings expectations in their recent quarterly report.

Goldman Sachs Group Inc. decreased its holdings in shares of Bank of Marin Bancorp (NASDAQ:BMRC - Free Report) by 22.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 58,816 shares of the bank's stock after selling 16,604 shares during the quarter. Goldman Sachs Group Inc. owned approximately 0.36% of Bank of Marin Bancorp worth $1,298,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in BMRC. Golden State Wealth Management LLC lifted its stake in Bank of Marin Bancorp by 100.0% during the first quarter. Golden State Wealth Management LLC now owns 2,000 shares of the bank's stock worth $44,000 after purchasing an additional 1,000 shares during the last quarter. CWM LLC lifted its stake in Bank of Marin Bancorp by 29.7% during the first quarter. CWM LLC now owns 2,753 shares of the bank's stock worth $61,000 after purchasing an additional 630 shares during the last quarter. Jones Financial Companies Lllp lifted its stake in Bank of Marin Bancorp by 4,337.9% during the first quarter. Jones Financial Companies Lllp now owns 8,432 shares of the bank's stock worth $186,000 after purchasing an additional 8,242 shares during the last quarter. Quantinno Capital Management LP purchased a new stake in Bank of Marin Bancorp during the fourth quarter worth approximately $224,000. Finally, Stephens Inc. AR purchased a new stake in Bank of Marin Bancorp during the first quarter worth approximately $250,000. Hedge funds and other institutional investors own 52.26% of the company's stock.

Wall Street Analysts Forecast Growth

BMRC has been the topic of several research analyst reports. DA Davidson lifted their price target on Bank of Marin Bancorp from $24.00 to $27.00 and gave the stock a "buy" rating in a research report on Tuesday, July 29th. Keefe, Bruyette & Woods lifted their price target on Bank of Marin Bancorp from $26.00 to $27.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 2nd. Finally, Piper Sandler lifted their price target on Bank of Marin Bancorp from $21.00 to $25.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 2nd. Three research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $26.25.

Bank of Marin Bancorp Price Performance

Shares of NASDAQ:BMRC traded down $0.07 during trading on Tuesday, reaching $24.79. The company had a trading volume of 15,303 shares, compared to its average volume of 86,086. The firm has a market capitalization of $399.53 million, a price-to-earnings ratio of 57.64 and a beta of 0.91. The stock's fifty day moving average price is $23.92 and its 200 day moving average price is $22.60. Bank of Marin Bancorp has a fifty-two week low of $19.11 and a fifty-two week high of $27.11.

Bank of Marin Bancorp (NASDAQ:BMRC - Get Free Report) last released its earnings results on Monday, July 28th. The bank reported $0.29 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.36 by ($0.07). The company had revenue of $10.29 million during the quarter, compared to analyst estimates of $29.07 million. Bank of Marin Bancorp had a net margin of 4.43% and a return on equity of 4.60%. On average, equities analysts anticipate that Bank of Marin Bancorp will post 1.61 EPS for the current fiscal year.

Bank of Marin Bancorp declared that its Board of Directors has authorized a share buyback program on Monday, July 28th that allows the company to buyback $25.00 million in outstanding shares. This buyback authorization allows the bank to buy up to 6.5% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's board of directors believes its stock is undervalued.

Bank of Marin Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 14th. Investors of record on Thursday, August 7th were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date of this dividend was Thursday, August 7th. Bank of Marin Bancorp's dividend payout ratio is currently 232.56%.

About Bank of Marin Bancorp

Bank of Marin Bancorp operates as the holding company for Bank of Marin that provides a range of financial services primarily to small to medium-sized businesses, not-for-profit organizations, and commercial real estate investors in the United States. The company offers personal and business checking and savings accounts; and individual retirement, health savings, and demand deposit marketplace accounts, as well as time certificates of deposit, certificate of deposit account registry, and insured cash sweep services.